Bryant to vote on bonds for city projects

BRYANT -- Bryant residents on Tuesday will decide whether to allow the city to pay off existing park bonds and issue new bonds for park and street improvements.

In four bond measures, residents will choose to allow the city to roll its existing bond debt into a new bond that would add $16 million to the current debt. They will also decide whether to extend an existing half-cent sales tax that voters approved in 2006 and put up another existing sales tax as collateral for the bonds.

The city issued $24 million in bonds in 2007 and 2008 to fund the construction of Bishop Park, along with projects at other municipal parks. The city currently uses revenue from the temporary half-cent sales tax for the monthly park bond payments. Revenue from the city's one-eighth-cent sales tax is used currently as collateral for the park bonds.

The half-cent sales tax was set to expire once the city paid off the park bonds, and the city paid those at an accelerated rate. If the measures are approved, the tax -- which city officials said was likely to expire in 2036 -- would extend until about 2044.

If voters OK the measures, the $16 million generated from the bond sales would go toward parks and street improvements, with $10 million slated for streets.

The street project would improve safety and drainage on Boone Road, city officials have said. Park projects include improvements to the Boys and Girls Club, the Seniors Center, and the softball, soccer and baseball complexes, along with upgrades to Mills and Bishop parks.

Metro on 05/19/2014

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